This article is not in regards to the secrets of buying a rental property for no money down and half the price of the marketplace value of the house. I am not Tom Vu or Don Lapre and I am not in jail.
In Canada, the no money down home did use to exist, but not anymore. Some banks and/or lenders were ready to lend you the 5% down payment so you don’t have to cover a cent out of your own pockets to buy a home. However, given the existing financial situation with tighter lending restrictions, you will have no bank or lenders who can accomplish that in Canada.
The buying home for half price did use to exist as well. At one point, foreclosures in Canada would allow foreclosed homes to be sold at rock bottom prices. The brand new law, which has been doing placed for many years now require the homes be sold at the greatest possible price for foreclosed homes otherwise the lenders might be sued. Hence, sometimes foreclosed homes sell higher because Canadians have the misconception that foreclosed homes are an excellent deal causing it to have a reverse affect. There were lots of people buying foreclosed homes believing they got much and not performing a thorough check as to the actual value of the home.
Now, clearing out the quick money maker myths of buying homes, there are still several things you will need to keep yourself informed of before starting.
If there exist ever an industry with more sneaky sales tactics and money motivated people, it must the Real Estate industry. As a consumer, you may be dishing out $350 000 and everyone wants a piece. The Real Estate Agents want a piece. The lenders want a piece. The lawyers want an item and the sellers want piece. No surprise there are so many scams in this industry.
The first thing to keep yourself informed of could be the Real Estate Agent. A Real Estate Agent is suppose to act in your behalf to buy or sell the property for rent London and essex home. Both the buyer of the house and seller of the house could have their own Real Estate Agent called a Buyer’s Real Estate Agent and a Seller’s Real Estate Agent.
In Canada, each Real Estate Agent gets an average of 2.5% and sometimes 2% for the commission of selling the home. Some Real Estate Agents provide cash back rewards. Canadian Real Estate Agents gets higher commission than anywhere else. In United States, their Real Estate Agents only get 1% of the commission and their homes are in fact much cheaper. Although Real Estate Agents are the smallest amount of educated of the parties involved in the buying home transaction, they seem to be getting the biggest piece of the pie.
Do not listen to their gimmicks on Real Estate Agents are ethical. Where do they get the concept any Real Estate Agent off the road is ethical. Their claim is dependant on these tests that they pass to become Real Estate Agent. Agents passing an examination doesn’t meant hey are ethical. It only means they are able to remember enough to pass the test.
You might believe it ought to be the Real Estate Agent’s job to greatly help the buyer ensure the house is of value. Rightly so, many buyers rely on the Real Estate Agent to protect them and provide them advice and in my opinion, the ethical Real Estate Agent must do that. However, the true reality is that Real Estate Agents don’t earn money unless if the house is purchased. The truth is that the Real Estate Agent’s salary is not truly influenced by providing you advice. The Real Estate Agent’s job is to have the buyer to buy a home through them for them to receive money!
As a result of the, what ends up happening, are two types of Real Estate Agents with variations in between. The first type could be the honest agent with the belief “If I work hard and treat my buyer right, the buyer will get back to buy more homes from me. The second type could be the “I need to get the buyer to buy a residence quickly to ensure that I will move on to the next buyer (sucker) to ensure that I will maximize my time for profit.” The underside line is that you are trying to find the very first type and you wish to steer clear of the second type.